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Savez Abbasi | (SERVOTECH|BSE CODE: Not Listed|NSE CODE: SERVOTECH)

Financial
Modeling Report

A Comprehensive DCF and Comparable Companies Model


Table of Content
| 01 One Page Profile

| 02 Historical Financial Statement

| 03 Common Size Statement

| 04 Forecasting

| 05 Ratio Analysis

| 06 Beta Drifting

| 07 WACC

| 08 Intrinsic Growth

| 09 DCF Valuation

| 10 Comparable Comps Valuation

| 11 Dupont Analysis

| 12 Altman's Z Score Test


One Page Profile - SERVOTECH POWER SYSTEMS LTD
Servotech Power Systems Limited is an India-based company engaged in the manufacturing, procurement and
distribution of a range of high-end advanced solar products, electric vehicle (EV) chargers, as well as energy-efficient
lighting solutions. The Company is engaged in the various projects wherein the Company has installed solar panels. In
addition, the Company is engaged in manufacturing of solar invertors. The Company's products include EV Charger,
Light Emitting Diodes (LEDs), Power and Backup, Solar Products and others. Its EV Charger includes Spark Series (AC
Charger) and Squad Series (DC Charger). It offers both domestic and commercial LEDs. Its Power and Backup products
include batteries, servo stabilizers and uninterrupted power supply (UPS). Its Solar Products include solar inverters,
ServPort, solar management unit, solar batteries and solar panels. Its other products are oxygen concentrators and
ultraviolet-c (UVC) lamps.

Key Financial Metrics Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Share Price - 5 Years

₹250.00
Total Sales 85.63 86.38 133.69 249.14 305.25
Sales Growth (Y-O-Y) % -3.21% 0.88% 54.77% 86.36% 22.52% ₹200.00
Gross Profit Margin % 9.74% 0.24% 13.44% 12.72% 7.71%
EBITDA Margins % 5.61% 6.39% 6.79% 7.31% 7.12% ₹150.00

EBIT Margin % 4.57% 4.69% 5.62% 6.47% 6.14% ₹100.00


Net Profit Margins % 0.95% 1.07% 2.74% 4.24% 3.71%
Earning Per Share (in Rs.) 0.04 0.05 0.20 0.50 0.52 ₹50.00

EPS Growth (y-o-y) % -73.00% 13.58% 290.36% 153.22% 5.11%


₹-
Dividend per share - - 0.02 0.12 0.05
Dividend Growth Rate % 0.00% 0.00% 0.00% 504.30% -58.47%

Key Financial Ratios Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Volume


12000000
Price to Earning 21.46x 40.18x 46.63x 36.22x 148.56x 10000000
EV/EBITDA 6.86x 10.62x 20.05x 22.51x 78.41x 8000000

EV/SALES 0.38x 0.68x 1.36x 1.65x 5.58x 6000000


4000000
Price to Book Value 0.47x 0.94x 3.72x 4.77x 18.44x 2000000
Return on Equity (%) 2.20% 2.33% 7.98% 13.17% 12.42% 0

Return on Capital Employed (%) 7.04% 6.28% 11.54% 13.17% 10.90%

Top Shareholder's No. of shareholder's (M) % Holding Market Value (M) Shareholder's Pattern

Raman Bhatia 0.670069 0.30% 1


Bhatia Raman Family 0.311105 0.14% 0.681451 34.71%
Sarika Bhatia 0.257967 0.12% 0.565056
Manohar Lal Bhatia 0.028037 0.01% 0.061413
5.95%
Kanav Bhatia 0.01068 0.00% 0.023394
Rishab Bhatia 0.01018 0.00% 0.022298
59.34%
Managerial Remuneration Designation X of Median salary

Raman Bhatia Managing Director 34.51


Sarika Bhatia Whole Time Director 34.51
Rajesh Mohan Rai Whole Time Director 8.74 Capital Structure

Recent Updates Current Price 168.17


No. of shares o/s 22.29
1.Servotech Launches Innovative Solar Solutions, Strengthening Commitment to Renewable Energy
Market Capitalization 3748.58
2.Servotech collaborates with UK-based Ensmart Power to Expand EV Charger Business in the UK and Beyond
3.Servotech Power Systems Receives an Additional Order to Build EV Charging Stations for Nashik Municipal Less: Cash&equivalent 60.05
Corporation Add: Total Debt 80.81
4.Servotech to Electrify Karnataka’s Green Mobility, Got order to Install 11 Public EV Charging Stations for BESCOM Add: Non controlling interest 0.00
5.Servotech Power Systems Empowers Consumers with Subsidized Solar Solutions, Enrolled with 62 DISCOMs EV 3769.34
under PM Surya Ghar Muft Bijli Yojana
6.Servotech Power Q2 Results: Firm reports cons PAT at Rs 11.24 crore, income rises to Rs 200 crore
Return on Equity Return on Assets
16.76%
Net Profit Margin Financial Leverage 8.80%
4.24%
3.71% 2.33x 2.40x
13.21% 2.17x
1.90x 5.51%
2.74%
8.58% 3.95%

1.07%
2.41% 1.04%

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024
Historical Statement - SERVOTECH POWER SYSTEMS LTD

SERVOTECH POWER SYSTEMS LTD


Particular Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
# Income statement
Sale ₹31.68 ₹50.79 ₹80.90 ₹113.62 ₹88.47 ₹85.63 ₹86.38 ₹133.69 ₹249.14 ₹305.25
Sale Growth% - 60.32% 59.28% 40.44% -22.14% -3.21% 0.88% 54.77% 86.36% 22.52%

COGS ₹26.29 ₹43.81 ₹67.58 ₹99.59 ₹77.73 ₹75.31 ₹79.47 ₹121.76 ₹214.28 ₹271.01
COGS % Sale 82.99% 86.26% 83.54% 87.65% 87.86% 87.95% 92.00% 91.08% 86.01% 88.78%

Gross Profit ₹5.39 ₹6.98 ₹13.32 ₹14.03 ₹10.74 ₹10.32 ₹6.91 ₹11.93 ₹34.86 ₹34.24
Gross Profit Margin% 17.01% 13.74% 16.46% 12.35% 12.14% 12.05% 8.00% 8.92% 13.99% 11.22%

Selling & General Exp ₹2.52 ₹2.91 ₹5.06 ₹6.55 ₹3.78 ₹5.97 ₹2.07 ₹3.36 ₹17.05 ₹14.02
Selling & General Exp % Sale 7.95% 5.73% 6.25% 5.76% 4.27% 6.97% 2.40% 2.51% 6.84% 4.59%

Other Income ₹0.46 ₹0.43 ₹2.20 ₹0.95 ₹0.59 ₹0.45 ₹0.68 ₹0.51 ₹0.41 ₹1.51
OtherIncome % of Sale 1.45% 0.85% 2.72% 0.84% 0.67% 0.53% 0.79% 0.38% 0.16% 0.49%

EBITDA ₹3.33 ₹4.50 ₹10.46 ₹8.43 ₹7.55 ₹4.80 ₹5.52 ₹9.08 ₹18.22 ₹21.73
EBITDA Margin% 10.51% 8.86% 12.93% 7.42% 8.53% 5.61% 6.39% 6.79% 7.31% 7.12%

Interest ₹1.89 ₹2.53 ₹2.03 ₹2.07 ₹2.39 ₹2.77 ₹2.90 ₹2.45 ₹2.38 ₹3.22
Interest % Sale 5.97% 4.98% 2.51% 1.82% 2.70% 3.23% 3.36% 1.83% 0.96% 1.05%

Depreciation ₹0.62 ₹0.68 ₹0.87 ₹0.85 ₹0.98 ₹0.89 ₹1.47 ₹1.57 ₹2.09 ₹2.98
Depreciation % Sale 1.96% 1.34% 1.08% 0.75% 1.11% 1.04% 1.70% 1.17% 0.84% 0.98%

Earning Before Tax ₹0.82 ₹1.29 ₹7.56 ₹5.51 ₹4.18 ₹1.14 ₹1.15 ₹5.06 ₹13.75 ₹15.53
Earning Before Tax Margin% 2.59% 2.54% 9.34% 4.85% 4.72% 1.33% 1.33% 3.78% 5.52% 5.09%

Tax ₹0.38 ₹0.68 ₹2.55 ₹1.57 ₹1.17 ₹0.32 ₹0.23 ₹1.40 ₹3.19 ₹4.21
Effective Tax Rate 46.34% 52.71% 33.73% 28.49% 27.99% 28.07% 20.00% 27.67% 23.20% 27.11%

Net Profit ₹0.44 ₹0.61 ₹5.01 ₹3.94 ₹3.01 ₹0.82 ₹0.92 ₹3.66 ₹10.56 ₹11.32
Net Profit Margin% 1.39% 1.20% 6.19% 3.47% 3.40% 0.96% 1.07% 2.74% 4.24% 3.71%

No. Of Equity Shares 2.1 2.55 2.55 18.3 18.3 18.3 18.3 18.65 21.27 21.69

Earning Per Share ₹0.21 ₹0.24 ₹1.96 ₹0.22 ₹0.16 ₹0.04 ₹0.05 ₹0.20 ₹0.50 ₹0.52
EPS Growth % - 14.17% 721.31% -89.04% -23.60% -72.76% 12.20% 290.36% 152.98% 5.12%

Dividend Per Share ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.02 ₹0.12 ₹0.05
Dividend Payout Ratio % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.11% 24.15% 9.54%

Retained Earning 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 89.89% 75.85% 90.46%

# Balance Sheet
Equity share capital ₹2.11 ₹2.56 ₹2.56 ₹18.31 ₹18.31 ₹18.31 ₹18.31 ₹18.67 ₹21.27 ₹21.69
Reserve ₹2.60 ₹4.03 ₹10.81 ₹14.71 ₹17.71 ₹18.52 ₹21.12 ₹27.21 ₹58.96 ₹69.57
Borrowings ₹16.55 ₹20.57 ₹20.93 ₹16.83 ₹15.57 ₹18.70 ₹25.06 ₹19.20 ₹42.28 ₹80.81
Other Liablities ₹11.11 ₹16.77 ₹25.98 ₹34.25 ₹23.94 ₹23.67 ₹33.84 ₹21.69 ₹30.92 ₹86.02
Total Liablities ₹32.37 ₹43.93 ₹60.28 ₹84.10 ₹75.53 ₹79.20 ₹98.33 ₹86.77 ₹153.43 ₹258.09

Fixed Assets Net Block ₹3.88 ₹6.61 ₹6.57 ₹9.01 ₹8.16 ₹8.43 ₹10.76 ₹11.79 ₹21.02 ₹31.58
Capital Work in Progress ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.49 ₹14.47
Investments ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.14 ₹0.27 ₹1.31
Other assets ₹1.17 ₹4.29 ₹9.81 ₹12.13 ₹12.87 ₹15.28 ₹28.53 ₹27.58 ₹23.52 ₹36.35
Total Non Current Assets ₹5.05 ₹10.90 ₹16.38 ₹21.14 ₹21.03 ₹23.71 ₹39.29 ₹39.51 ₹45.30 ₹83.71

Receivables ₹17.53 ₹18.23 ₹27.47 ₹43.58 ₹39.98 ₹43.26 ₹40.39 ₹27.27 ₹78.56 ₹80.63
Inventories ₹7.92 ₹12.95 ₹12.25 ₹13.59 ₹11.61 ₹9.09 ₹15.26 ₹12.19 ₹14.58 ₹33.70
Cash & Bank ₹1.87 ₹1.85 ₹4.18 ₹5.79 ₹2.91 ₹3.14 ₹3.39 ₹7.80 ₹14.99 ₹60.05
Total Current Assets ₹27.32 ₹33.03 ₹43.90 ₹62.96 ₹54.50 ₹55.49 ₹59.04 ₹47.26 ₹108.13 ₹174.38

Total Assets ₹32.37 ₹43.93 ₹60.28 ₹84.10 ₹75.53 ₹79.20 ₹98.33 ₹86.77 ₹153.43 ₹258.09

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
# Cash flow statement
Operating Activities
Profit from operations ₹2.92 ₹4.03 ₹10.28 ₹8.17 ₹7.25 ₹4.64 ₹5.11 ₹7.47 ₹14.36 ₹16.30
Receivables -₹10.28 -₹0.70 -₹8.40 -₹16.11 ₹3.60 -₹3.28 -₹7.32 ₹15.17 -₹47.57 -₹0.93
Inventory -₹1.41 -₹5.03 ₹0.71 -₹1.34 ₹1.98 ₹2.52 -₹6.17 ₹3.07 -₹2.39 -₹19.12
Payables ₹6.33 ₹7.82 ₹8.77 ₹5.93 -₹10.29 ₹0.70 ₹6.21 -₹11.47 ₹4.50 ₹12.89
Loans Advances ₹0.70 -₹3.17 ₹0.47 -₹0.92 -₹0.42 -₹1.52 ₹0.00 ₹0.00 ₹0.00 ₹0.00
Other WC items ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹3.37 -₹1.00 ₹4.29 -₹10.14
Direct taxes -₹0.42 -₹0.63 -₹2.50 -₹1.53 -₹1.15 -₹0.32 ₹0.00 ₹0.00 ₹0.00 ₹0.00
Cash Flow From Operating Activity -₹2.16 ₹2.32 ₹9.33 -₹5.80 ₹0.97 ₹2.74 ₹1.20 ₹13.24 -₹26.81 -₹1.00

Investing Acivities
Fixed assets purchased -₹0.95 -₹3.38 -₹0.85 -₹3.31 -₹0.13 -₹1.18 ₹0.00 -₹2.60 -₹11.43 -₹24.94
Fixed assets sold ₹0.00 ₹0.00 ₹0.02 ₹0.01 ₹0.00 ₹0.01 ₹0.08 ₹0.00 ₹0.01 ₹0.40
Interest received ₹0.47 ₹0.43 ₹0.17 ₹0.26 ₹0.29 ₹0.17 ₹0.17 ₹0.21 ₹0.11 ₹0.64
Invest in subsidiaries ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 -₹0.13 -₹1.10
Investment in group cos ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 -₹0.14 ₹0.00 ₹0.00
Redemp n Canc of Shares ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.64
Other investing items ₹0.00 ₹0.00 -₹6.62 -₹1.39 -₹0.33 -₹0.88 ₹0.00 -₹5.75 ₹0.00 -₹0.93
Cash flow from Investing Activities -₹0.48 -₹2.95 -₹7.28 -₹4.43 -₹0.17 -₹1.88 ₹0.25 -₹8.28 -₹11.44 -₹25.29

Financial Activity
Proceeds from shares ₹0.51 ₹1.26 ₹0.00 ₹15.70 ₹0.00 ₹0.00 ₹0.00 ₹3.26 ₹25.17 ₹3.95
Proceeds from borrowings ₹4.87 ₹1.87 ₹0.00 ₹0.00 ₹0.00 ₹4.69 ₹2.12 ₹0.00 ₹23.09 ₹38.53
Repayment of borrowings ₹0.00 ₹0.00 ₹0.00 ₹0.00 -₹0.58 ₹0.00 ₹0.00 -₹0.39 ₹0.00 ₹0.00
Interest paid fin -₹1.89 -₹2.53 -₹2.02 -₹2.07 -₹2.39 -₹2.77 -₹2.90 -₹2.45 -₹2.38 -₹3.22
Dividends paid ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 -₹0.43 -₹4.25
Financial liabilities ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 -₹0.38 -₹0.53 ₹0.00 ₹0.00
Share application money ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹36.33
Other financing items ₹0.00 ₹0.00 ₹2.31 -₹1.79 -₹0.71 -₹2.54 -₹0.05 -₹0.45 ₹0.00 ₹0.00
Cash Flow From Financial Activity ₹3.49 ₹0.60 ₹0.29 ₹11.84 -₹3.68 -₹0.62 -₹1.21 -₹0.56 ₹45.45 ₹71.34

Net Cash Flow ₹0.85 -₹0.03 ₹2.34 ₹1.61 -₹2.88 ₹0.24 ₹0.24 ₹4.40 ₹7.20 ₹45.05
Common size statement -SERVOTECH POWER SYSTEMS LTD

SERVOTECH POWER SYSTEMS LTD


Common size income statement - SERVOTECH POWER SYSTEMS LTD
Particular Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 73.48% 67.24% 71.62% 82.39% 72.76% 82.27% 89.92% 84.22% 82.05% 84.22%
Change in Inventory 6.28% -0.73% 0.75% 2.69% -3.45% 1.16% 3.88% -2.26% 0.64% 1.75%
Power and Fuel 0.32% 0.22% 0.16% 0.13% 0.19% 0.16% 0.08% 0.06% 0.04% 0.10%
Other Mfr. Exp 5.68% 11.40% 4.52% 1.89% 3.92% 1.28% 1.16% 0.52% 0.75% 1.80%
Employee Cost 9.79% 6.67% 7.99% 5.93% 7.54% 5.38% 4.72% 4.02% 3.81% 4.42%
Selling and admin 7.17% 5.93% 5.91% 5.60% 3.70% 9.04% 2.78% 2.25% 2.77% 3.07%
Other Expenses 0.79% -0.20% 0.35% 0.17% 0.58% -2.07% -0.38% 0.26% 4.08% 1.53%
Other Income 1.45% 0.85% 2.72% 0.84% 0.67% 0.53% 0.79% 0.38% 0.16% 0.49%
Depreciation 1.96% 1.34% 1.08% 0.75% 1.11% 1.04% 1.70% 1.17% 0.84% 0.98%
Interest 5.97% 4.98% 2.51% 1.82% 2.70% 3.23% 3.36% 1.83% 0.96% 1.05%
Profit before tax 2.59% 2.54% 9.34% 4.85% 4.72% 1.33% 1.33% 3.78% 5.52% 5.09%
Tax 1.20% 1.34% 3.15% 1.38% 1.32% 0.37% 0.27% 1.05% 1.28% 1.38%
Net profit 1.36% 1.20% 6.18% 3.48% 3.39% 0.95% 1.07% 2.74% 4.24% 3.71%
EBITDA 10.51% 8.86% 12.93% 7.42% 8.53% 5.61% 6.39% 6.79% 7.31% 7.12%

Common size Balance sheet - SERVOTECH POWER SYSTEMS LTD


particular Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Equity Share Capital 6.52% 5.83% 4.25% 21.77% 24.24% 23.12% 18.62% 21.52% 13.86% 8.40%
Reserves 8.03% 9.17% 17.93% 17.49% 23.45% 23.38% 21.48% 31.36% 38.43% 26.96%
Borrowings 51.13% 46.82% 34.72% 20.01% 20.61% 23.61% 25.49% 22.13% 27.56% 31.31%
Other Liabilities 34.32% 38.17% 43.10% 40.73% 31.70% 29.89% 34.41% 25.00% 20.15% 33.33%
Total Liablities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Net Block 11.99% 15.05% 10.90% 10.71% 10.80% 10.64% 10.94% 13.59% 13.70% 12.24%
Capital Work in Progress 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.32% 5.61%
Investments 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.16% 0.18% 0.51%
Other Assets 3.61% 9.77% 16.27% 14.42% 17.04% 19.29% 29.01% 31.79% 15.33% 14.08%
Receivables 54.16% 41.50% 45.57% 51.82% 52.93% 54.62% 41.08% 31.43% 51.20% 31.24%
Inventory 24.47% 29.48% 20.32% 16.16% 15.37% 11.48% 15.52% 14.05% 9.50% 13.06%
Cash & Bank 5.78% 4.21% 6.93% 6.88% 3.85% 3.96% 3.45% 8.99% 9.77% 23.27%
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Forecasting - SERVOTECH POWER SYSTEMS LTD
SERVOTECH POWER SYSTEMS LTD - Sales Forecasting SERVOTECH POWER SYSTEMS LTD - EBITDA Forecasting
Years weight Years Sales Sales Growth Years weight Years EBITDA EBITDA Growth
1 2015A ₹ 31.68 1 2015A ₹ 3.33
2 2016A ₹ 50.79 60.32% 2 2016A ₹ 4.50 35.14%
3 2017A ₹ 80.90 59.28% 3 2017A ₹ 10.46 132.44%
4 2018A ₹ 113.62 40.44% 4 2018A ₹ 8.43 -19.41%
5 2019A ₹ 88.47 -22.14% 5 2019A ₹ 7.55 -10.44%
6 2020A ₹ 85.63 -3.21% 6 2020A ₹ 4.80 -36.42%
7 2021A ₹ 86.38 0.88% 7 2021A ₹ 5.52 15.00%
8 2022A ₹ 133.69 54.77% 8 2022A ₹ 9.08 64.49%
9 2023A ₹ 249.14 86.36% 9 2023A ₹ 18.22 100.66%
10 2024A ₹ 305.25 22.52% 10 2024A ₹ 21.73 19.26%
11 2025E ₹ 256.89 -15.84% 11 2025E ₹ 17.47 -19.60%
12 2026E ₹ 281.31 9.51% 12 2026E ₹ 18.94 8.44%
13 2027E ₹ 305.74 8.68% 13 2027E ₹ 20.42 7.78%
14 2028E ₹ 330.16 7.99% 14 2028E ₹ 21.89 7.22%
15 2029E ₹ 354.58 7.40% 15 2029E ₹ 23.37 6.73%

Sales Forecasting EBITDA forecasting


₹400.00 ₹25.00
₹350.00
₹20.00
₹300.00
₹250.00 ₹15.00
₹200.00
₹10.00
₹150.00
₹100.00 ₹5.00
₹50.00
₹- ₹-

SERVOTECH POWER SYSTEMS LTD - Net Profit Forecasting SERVOTECH POWER SYSTEMS LTD - Gross Profit Forecasting
Years weight Years Net Profit Net Profit Growth Years weight Years Gross Profit Gross Profit Growth
1 2015A ₹ 0.44 1 2015A ₹ 5.39
2 2016A ₹ 0.61 38.64% 2 2016A ₹ 6.98 29.50%
3 2017A ₹ 5.01 721.31% 3 2017A ₹ 13.32 90.83%
4 2018A ₹ 3.94 -21.36% 4 2018A ₹ 14.03 5.33%
5 2019A ₹ 3.01 -23.60% 5 2019A ₹ 10.74 -23.45%
6 2020A ₹ 0.82 -72.76% 6 2020A ₹ 10.32 -3.91%
7 2021A ₹ 0.92 12.20% 7 2021A ₹ 6.91 -33.04%
8 2022A ₹ 3.66 297.83% 8 2022A ₹ 11.93 72.65%
9 2023A ₹ 10.56 188.52% 9 2023A ₹ 34.86 192.20%
10 2024A ₹ 11.32 7.20% 10 2024A ₹ 34.24 -1.78%
11 2025E ₹ 9.01 -20.37% 11 2025E ₹ 29.07 -15.09%
12 2026E ₹ 9.92 10.06% 12 2026E ₹ 31.66 8.88%
13 2027E ₹ 10.83 9.14% 13 2027E ₹ 34.24 8.16%
14 2028E ₹ 11.73 8.37% 14 2028E ₹ 36.82 7.54%
15 2029E ₹ 12.64 7.73% 15 2029E ₹ 39.40 7.01%

Net Profit Forecasting Gross Profit Forecasting


₹14.00 ₹45.00
₹12.00 ₹40.00
₹35.00
₹10.00
₹30.00
₹8.00 ₹25.00
₹6.00 ₹20.00
₹15.00
₹4.00
₹10.00
₹2.00 ₹5.00
₹- ₹-
Ratio Analysis - SERVOTECH POWER SYSTEMS LTD
SERVOTECH POWER SYSTEMS LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trend Mean Median

Sales Growth - 60.32% 59.28% 40.44% -22.14% -3.21% 0.88% 54.77% 86.36% 22.52% 33.25% 40.44%
Gross Profit Growth - 29.50% 90.83% 5.33% -23.45% -3.91% -33.04% 72.65% 192.20% -1.78% 36.48% 5.33%
EBITDA Growth - 35.14% 132.44% -19.41% -10.44% -36.42% 15.00% 64.49% 100.66% 19.26% 33.41% 19.26%
EBIT Growth - 40.96% 151.05% -20.96% -13.32% -40.49% 3.58% 85.43% 114.78% 16.24% 37.47% 16.24%
EBT Growth - 57.32% 486.05% -27.12% -24.14% -72.73% 0.88% 340.00% 171.74% 12.95% 104.99% 12.95%
Net Profit Growth - 38.64% 721.31% -21.36% -23.60% -72.76% 12.20% 297.83% 188.52% 7.20% 127.55% 12.20%
Dividend Growth - 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 504.30% -58.47% 49.54% 0.00%

Gross Margin 17.01% 13.74% 16.46% 12.35% 12.14% 12.05% 8.00% 8.92% 13.99% 11.22% 12.59% 12.24%
EBITDA Margin 10.51% 8.86% 12.93% 7.42% 8.53% 5.61% 6.39% 6.79% 7.31% 7.12% 8.15% 7.37%
EBIT Margin 8.55% 7.52% 11.85% 6.67% 7.43% 4.57% 4.69% 5.62% 6.47% 6.14% 6.95% 6.57%
EBT Margin 2.59% 2.54% 9.34% 4.85% 4.72% 1.33% 1.33% 3.78% 5.52% 5.09% 4.11% 4.25%
Net Profit Margin 1.39% 1.20% 6.19% 3.47% 3.40% 0.96% 1.07% 2.74% 4.24% 3.71% 2.84% 3.07%

Sale expense % sales 7.95% 5.73% 6.25% 5.76% 4.27% 6.97% 2.40% 2.51% 6.84% 4.59% 5.33% 5.75%
Depreciation%sales 1.96% 1.34% 1.08% 0.75% 1.11% 1.04% 1.70% 1.17% 0.84% 0.98% 1.20% 1.09%
Operating Income % Sales 8.55% 7.52% 11.85% 6.67% 7.43% 4.57% 4.69% 5.62% 6.47% 6.14% 6.95% 6.57%

Return on Capital Employed 12.75% 14.06% 27.96% 15.21% 12.74% 7.04% 6.28% 11.54% 13.17% 10.90% 13.16% 12.74%
Retained Earning % 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 89.89% 75.85% 90.46% 95.62% 100.00%
Return on Equity % 9.34% 9.26% 37.47% 11.93% 8.36% 2.23% 2.33% 7.98% 13.16% 12.40% 11.45% 9.30%
Self sustained Growth Rate 9.34% 9.26% 37.47% 11.93% 8.36% 2.23% 2.33% 7.17% 9.98% 11.22% 10.93% 9.30%
Interest Coverage Ratio 1.43x 1.51x 4.72x 3.66x 2.75x 1.41x 1.40x 3.07x 6.78x 5.82x 3.26x 2.91x

Debtor Turnover Ratio 1.81x 2.79x 2.95x 2.61x 2.21x 1.98x 2.14x 4.90x 3.17x 3.79x 2.83x 2.70x
Creditor Turnover Ratio 2.85x 3.03x 3.11x 3.32x 3.70x 3.62x 2.55x 6.16x 8.06x 3.55x 3.99x 3.43x
Inventory Turnover Ratio 3.32x 3.38x 5.52x 7.33x 6.70x 8.28x 5.21x 9.99x 14.70x 8.04x 7.25x 7.01x
Fixed Assets Turnover Ratio 8.16x 7.68x 12.31x 12.61x 10.84x 10.16x 8.03x 11.34x 11.85x 9.67x 10.27x 10.50x
Capital Turnover Ratio 6.73x 7.71x 6.05x 3.44x 2.46x 2.33x 2.19x 2.91x 3.11x 3.34x 4.03x 3.23x

Debtor Days 202 days 131 days 124 days 140 days 165 days 184 days 171 days 74 days 115 days 96 days 140 days 136 days
Creditor Days 128 days 121 days 117 days 110 days 99 days 101 days 143 days 59 days 45 days 103 days 103 days 106 days
Inventory Days 110 days 108 days 66 days 50 days 55 days 44 days 70 days 37 days 25 days 45 days 61 days 52 days
Cash Conversion Cycle 184 days 118 days 73 days 80 days 121 days 128 days 98 days 52 days 95 days 39 days 99 days 96 days

CFO/Sales -6.82% 4.57% 11.53% -5.10% 1.10% 3.20% 1.39% 9.90% -10.76% -0.33% 0.87% 1.24%
CFO/Total Assets -6.67% 5.28% 15.48% -6.90% 1.28% 3.46% 1.22% 15.26% -17.47% -0.39% 1.06% 1.25%
CFO/Total Debt -13.05% 11.28% 44.58% -34.46% 6.23% 14.65% 4.79% 68.96% -63.41% -1.24% 3.83% 5.51%
Beta Drifting - SERVOTECH POWER SYSTEMS LTD

SERVOTECH POWER SYSTEMS LTD

Beta Regression - SERVOTECH POWER SYSTEMS LTD


Servo Power System LTD two year weekly return Nifty 50 two year weekly return Beta Drifting

Date Closing Price


weekly Return Closing Priceweekly Return Levered Raw Beta 1.44
30-Oct-22 16.9 18117.15 Raw Beta Weight 75%
06-Nov-22 16.63 -1.60% 18349.7 1.28%
13-Nov-22 15.09 -9.26% 18307.65 -0.23% Market Beta 1
20-Nov-22 14.2 -5.90% 18512.75 1.12% Market beta weight 25%
27-Nov-22 16.58 16.76% 18696.1 0.99%
04-Dec-22 15.66 -5.55% 18496.6 -1.07% Adjusted Beta 1.33
11-Dec-22 15.98 2.04% 18269 -1.23%
18-Dec-22 13.69 -14.33% 17806.8 -2.53%
25-Dec-22 15.9 16.14% 18105.3 1.68%
01-Jan-23 16.35 2.83% 17859.45 -1.36%
08-Jan-23 16.06 -1.77% 17956.6 0.54%
15-Jan-23 18.24 13.57% 18027.65 0.40%
22-Jan-23 22.16 21.49% 17604.35 -2.35%
29-Jan-23 23.13 4.38% 17854.05 1.42%
05-Feb-23 21.6 -6.61% 17856.5 0.01%
12-Feb-23 20.15 -6.71% 17944.2 0.49%
19-Feb-23 19.63 -2.58% 17465.8 -2.67%
26-Feb-23 19.4 -1.17% 17594.35 0.74%
05-Mar-23 21 8.25% 17412.9 -1.03%
12-Mar-23 19.58 -6.76% 17100.05 -1.80%
19-Mar-23 19 -2.96% 16945.05 -0.91%
26-Mar-23 18 -5.26% 17359.75 2.45%
02-Apr-23 20.8 15.56% 17599.15 1.38%
09-Apr-23 24.85 19.47% 17828 1.30%
16-Apr-23 26 4.63% 17624.05 -1.14%
23-Apr-23 28.55 9.81% 18065 2.50%
30-Apr-23 27.73 -2.87% 18069 0.02%
07-May-23 34.9 25.86% 18314.8 1.36%
14-May-23 44.45 27.36% 18203.4 -0.61%
21-May-23 46.53 4.68% 18499.35 1.63%
28-May-23 59.2 27.23% 18534.1 0.19%
04-Jun-23 68.32 15.41% 18563.4 0.16%
11-Jun-23 86.97 27.30% 18826 1.41%
18-Jun-23 86.32 -0.75% 18665.5 -0.85%
WACC - SERVOTECH POWER SYSTEMS LTD

SERVOTECH POWER SYSTEMS LTD


Weight Average Cost of Capital

All figures are in INR unless stated

Peer Companies
Debt/ Debt/ Levered Unlevered
Name Country Debt Equity Tax Rate Equity Capital Beta 2 Beta 2
Servotech Power
INDIA 80.81 3748.58 30.00% 2.16% 2.11% 1.44 1.42
Bharat Bijlee
INDIA 150.00 4920.53 30.00% 3.05% 2.96% 1.93 1.89
Honda IndiaINDIA 0.47 3877.38 30.00% 0.01% 0.01% 1.19 1.19
HPL ElectricINDIA 626.52 3102.50 30.00% 20.19% 16.80% 1.96 1.72
Marine Electric.
INDIA 97.04 2760.13 30.00% 3.52% 3.40% 1.08 1.06

Average 30.00% 5.79% 5.06% 1.52 1.45


Median 30.00% 3.05% 2.96% 1.44 1.42

Cost of Debt Cost of Capital

Pre Tax Cost Of Debt 3.98% Risk Free Rate 6.79%


Tax 30.00% Equity Risk Premium 8.82%
Cost of Debt 2.79% Levered Beta 1.48
Cost of Capital 19.81%

Capital Structure Levered Beta


Current Target Companies median Unlevered Beta 1.42
Debt ₹ 80.81 2.11% 5.06% Debt/Equity 5.32%
Market Capitalisation
₹ 3,748.58 97.89% 94.94% Tax rate 30.00%
Total ₹ 3,829.39 100.00% 100.00% Levered Beta 1.48

Debt/Equity 2.16% 5.32%


WACC
1.Tax rate considered as marginal tax rate for the country Cost of Equity 19.81%
2.levered beta is based on two year monthly data weight 94.94%
3.Unlevered Beta= Levered beta/(1+(1-tax rate)*debt/equity)
4.Levered beta=Unlevered beta*(1+(1-tax rate)*debt/equity) Cost of Debt 2.79%
Weight 5.06%

WACC 18.95%
Intrisic Growth - SERVOTECH POWER SYSTEMS LTD

SERVOTECH POWER SYSTEMS LTD


Calculation of ROIC

Particular Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Current Assets
Inventories 9.00 15.00 12.00 15.00 34.00
Trade receivables 43.00 40.00 27.00 79.00 81.00
Loans n Advances - - - - -
Other asset items 15.00 29.00 28.00 24.00 36.00
Total Current Assets 67.00 84.00 67.00 118.00 151.00

Current Liablities
Trade Payables 17.23 10.89 9.63 16.39 28.94
Advance from Customers 0.60 3.19 1.28 0.50 0.97
Other liability items 5.84 19.76 10.78 14.03 56.11
Total Current Assets 17.83 14.08 10.91 16.89 29.91

Net Working Capital 49.17 69.92 56.09 101.11 121.09

Non Current Assets


Land 0.18 2.02 3.10 7.80 8.04
Building 7.13 6.99 6.99 10.86 16.56
Plant Machinery 1.91 1.33 1.97 2.69 6.47
Equipments 0.65 - - - -
Computers 0.57 0.63 0.83 1.04 1.31
Furniture n fittings 0.79 0.72 0.71 0.76 0.76
Vehicles 2.35 1.84 1.97 2.96 3.32
Intangible Assets - - - - -
Other fixed assets 0.01 2.85 3.38 3.43 3.97
Accumulated Depreciation (5.17) (5.62) (7.16) (8.52) (8.86)
Total Current Assets 8.42 10.76 11.79 21.02 31.57

Invested Capital 57.59 80.68 67.88 122.13 152.66


EBIT 3.91 4.05 7.51 16.13 18.75

Return On Invested Capital 6.79% 5.02% 11.06% 13.21% 12.28%

Calculation of Reinvestment Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Capex 1.17 -0.08 2.60 11.42 24.54


Change in WC 20.75 (13.83) 45.02 19.98

EBIT 3.91 4.05 7.51 16.13 18.75


Marginal Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00%
EBIT After Tax 2.74 2.84 5.26 11.29 13.13

Reinvestment 20.67 -11.23 56.44 44.52

Reinvestment Rate 729.10% -213.62% 499.87% 339.20%

4 Year Average 338.64%


4 Year Median 419.53%

Calculation of Growth Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

ROIC 6.79% 5.02% 11.06% 13.21% 12.28%


Reinvestment Rate 729.10% -213.62% 499.87% 339.20%

Intrisic Growth Rate 36.60% -23.63% 66.02% 41.66%

4 Year Average 30.16%


4 Year Median 39.13%
DCF - SERVOTECH POWER SYSTEMS LTD

SERVOTECH POWER SYSTEMS LTD


Calculation PV of FCFF

Particular Mar-24A Mar-25F Mar-26F Mar-27F Mar-28F Mar-29F

EBIT 18.75 19.73 20.76 21.85 22.99 24.19


Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT (1-Tax) 14.06 14.80 15.57 16.39 17.24 18.14
Less: Reinvestment 419.53% 360.75% 301.96% 243.17% 184.38% 184.38%
Free Cash Flow to Firm (FCFF) -44.93 -38.58 -31.45 -23.46 -14.55 -15.31
Mid year Convention 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.92 0.77 0.65 0.54 0.46

PV of FCFF -35.38 -24.24 -15.20 -7.93 -7.01

Expected Growth 5.23%


Terminal Growth 6.50%
WACC 18.95%

Calculation of Terminal Value Sensivity Analysis - Terminal Value


-129.45 16.00% 17.00% 18.95% 19.00% 20.00%
FCFF (n+1) -16.11 4.50% -140.10 -128.89 -111.50 -111.11 -103.94
WACC 18.95% 5.50% -153.44 -140.10 -119.79 -119.34 -111.11
Terminal Growth Rate 6.50% 6.50% -169.59 -153.44 -129.41 -128.89 -119.34
7.50% -189.54 -169.59 -140.71 -140.10 -128.89
Terminal Value -129.45 8.50% -214.82 -189.54 -154.17 -153.44 -140.10

Calculation Of Equity Value Per Share Sensivity Analysis - Equity Value per Share
-6.51 16.00% 17.00% 18.95% 19.00% 20.00%
PV of FCFF -89.77 4.50% -6.70 -6.50 -6.20 -6.19 -6.07
PV of Terminal Value -59.30 5.50% -6.94 -6.70 -6.34 -6.34 -6.19
Value Of Operating Assets -149.07 6.50% -7.22 -6.94 -6.51 -6.50 -6.34
7.50% -7.57 -7.22 -6.71 -6.70 -6.50
Add: Cash 60.05 8.50% -8.01 -7.57 -6.95 -6.94 -6.70
Less: Debt 80.81
Value Of Equity -169.83
No. Of Shares 26.07 Disclaimer: This report is made as part of educational assignment and is meant for educational
purpose only. The author of the report is not liable for any losses due to actions taken basis on this
report. It is advisible to consult SEBI registered Research Anlaysts before making any investment.
Equity Value Per Share -6.51

Current Share Price 168.17


Discount/Premium -25.82x
Comparable Valuation - SERVOTECH POWER SYSTEMS LTD

SERVOTECH POWER SYSTEMS LTD


Amount( in Cr.)
Compareble Company Valuation
Market Data Financial Data Valuation
Share
Share Outstandi Equity Enterprise Net
Company Ticker Price ng Value Net Debt Value Revenue EBITDA Income EV/Revenue EV/EBITDA P/E
Servotech Power 168.2 22.29 3748.51 20.76 3769.27 335.07 23.47 12.04 11.25x 160.60x 311.34x
Bharat Bijlee 4353.3 1.13 4919.17 -19.33 4899.84 1805.79 206.89 130.04 2.71x 23.68x 37.83x
Honda India 3823.9 1.01 3862.09 -540.33 3321.76 923.28 139.74 91.46 3.60x 23.77x 42.23x
HPL Electric 482.5 6.43 3102.48 567.60 3670.08 1533.02 212.27 53.73 2.39x 17.29x 57.74x
Marine Electric. 200.1 13.79 2759.24 73.85 2833.09 659.51 65.04 29.30 4.30x 43.56x 94.17x

High 11.25x 160.60x 311.34x


75 th Percentile 4.30x 43.56x 94.17x
Average 4.85x 53.78x 108.66x
Median 3.60x 23.77x 57.74x
25 th Percentile 2.71x 23.68x 42.23x
Low 2.39x 17.29x 37.83x

JK Tyre & Industries Ltd EV/Revenue EV/EBITDA P/E


Implied Enterprise Value 13561.00 89597.69 715.97
Net Debt 20.76 20.76 20.76
Implied Market Value 13540.24 89576.93 695.21
Shares Outstandings 22.29 22.29 22.29

Implied Value per Share 607.46 4018.70 31.19

Source: The Valuation School, Screener.in Undervalued Undervalued Overvalued


Disclaimer: This report is made as part of educational assignment and is meant for educational purpose only. The author
of the report is not liable for any losses due to actions taken basis this report. It is advisable to consult SEBI registered research analyst
before making any investment.
Dupont Analysis

SERVOTECH POWER SYSTEMS LTD


(SERVOTECH|BSE CODE: Not Listed|NSE CODE: SERVOTECH)
(INR 168.17)
52 Weeks ( High-INR 205/ Low- INR 72.8)

About the Company


Servotech Power Systems Limited is an India-based company engaged in the manufacturing, procurement and distribution of a range of
high-end advanced solar products, electric vehicle (EV) chargers, as well as energy-efficient lighting solutions. The Company is engaged
in the various projects wherein the Company has installed solar panels. In addition, the Company is engaged in manufacturing of solar
invertors. The Company's products include EV Charger, Light Emitting Diodes (LEDs), Power and Backup, Solar Products and others. Its
EV Charger includes Spark Series (AC Charger) and Squad Series (DC Charger). It offers both domestic and commercial LEDs. Its Power
and Backup products include batteries, servo stabilizers and uninterrupted power supply (UPS). Its Solar Products include solar
inverters, ServPort, solar management unit, solar batteries and solar panels. Its other products are oxygen concentrators and
ultraviolet-c (UVC) lamps.

Financial Summary

Return on Equity Net Profit Margin Revenue


16.76% 4.24%
3.71% 305.25
13.21%
249.14
2.74%
8.58%
133.69
1.07% 86.38
2.41%

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Financial Leverage Return on Assets Total Assets


8.80%
2.33x 2.40x 205.76
2.17x
1.90x
5.51%
120.1
3.95% 92.55
88.765

1.04%

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Recent Updates

1.Servotech Launches Innovative Solar Solutions, Strengthening Commitment to Renewable Energy


2.Servotech collaborates with UK-based Ensmart Power to Expand EV Charger Business in the UK and Beyond
3.Servotech Power Systems Receives an Additional Order to Build EV Charging Stations for Nashik Municipal Corporation
4.Servotech to Electrify Karnataka’s Green Mobility, Got order to Install 11 Public EV Charging Stations for BESCOM
5.Servotech Power Systems Empowers Consumers with Subsidized Solar Solutions, Enrolled with 62 DISCOMs under PM
Surya Ghar Muft Bijli Yojana
6.Servotech Power Q2 Results: Firm reports cons PAT at Rs 11.24 crore, income rises to Rs 200 crore
Dupont Analysis - Return on Equity & Return on Assets
Return on Equity
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profits 3.95 3.00 0.81 0.92 3.66 10.57 11.33
Average Shareholders Equity 23.20 34.52 36.43 38.13 42.66 63.06 85.75
Return on Equity 17.03% 8.69% 2.22% 2.41% 8.58% 16.76% 13.21%

ROE-Dupont Analysis
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profits 3.95 3.00 0.81 0.92 3.66 10.57 11.33
Revenue 113.62 88.47 85.63 86.38 133.69 249.14 305.25
Net Profits Margin (A) 3.48% 3.39% 0.95% 1.07% 2.74% 4.24% 3.71%

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24


Revenue 113.62 88.47 85.63 86.38 133.69 249.14 305.25
Average Total Assets 72.19 79.815 77.365 88.765 92.55 120.1 205.76
Assets Turnover Ratio (B) 157.39% 110.84% 110.68% 97.31% 144.45% 207.44% 148.35%

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24


AverageTotal Assets 72.19 79.815 77.365 88.765 92.55 120.1 205.76
Average Shareholders Equity 23.20 34.52 36.43 38.13 42.66 63.06 85.75
Equity Multiplier (C) 3.11x 2.31x 2.12x 2.33x 2.17x 1.90x 2.40x

Return on Equity (A*B*C) 17.03% 8.69% 2.22% 2.41% 8.58% 16.76% 13.21%

Return on Asset
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profits 3.95 3 0.81 0.92 3.66 10.57 11.33
Average Total Assets 72.19 79.815 77.365 88.765 92.55 120.1 205.76
Return on Assets 5.47% 3.76% 1.05% 1.04% 3.95% 8.80% 5.51%

ROA - Dupont Analysis


Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profits 3.95 3 0.81 0.92 3.66 10.57 11.33
Revenue 113.62 88.47 85.63 86.38 133.69 249.14 305.25
Net Profits Margin (A) 3.48% 3.39% 0.95% 1.07% 2.74% 4.24% 3.71%

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24


Revenue 113.62 88.47 85.63 86.38 133.69 249.14 305.25
AverageTotal Assets 72.19 79.815 77.365 88.765 92.55 120.1 205.76
Assets Turnover Ratio (B) 157.39% 110.84% 110.68% 97.31% 144.45% 207.44% 148.35%

Return on Assets (A*B) 5.47% 3.76% 1.05% 1.04% 3.95% 8.80% 5.51%

Dupont Summary
1.ROE of Servotech Power Systems LTD has been improving from 2.22% in FY2020.
2.Company facing difficulties while maintaining the Net Profits Margin once its hits the all time low 0.95% in FY2020.
3.Company has been succeed in maintaining the Assets efficiency throughout the years.
4.ROA of the company has been maintain throughout the year but in between made low 1.05% and 1.04% FY 2020-21.

Disclaimer: This report is made as part of educational assignment and is meant for educational purpose only. The author
of the report is not liable for any losses due to actions taken basis this report. It is advisable to consult SEBI registered research analyst
before making any investment.
Altman's Z Score - HATHWAY CABLE & DATACOM LTD
SERVOTECH POWER SYSTEMS LTD

Altman's Z Score Analysis Calculation


Working Capital / Total Assets
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Working Capital 40.84 43.43 47.1 53.73 53.15 100.73 124.71
Total Assets 84.1 75.53 79.2 98.33 86.77 153.43 258.09
Working Capital / Total Assets (A) 48.56% 57.50% 59.47% 54.64% 61.25% 65.65% 48.32%

Retained Earning / Total Assets


Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Retained Earning 3.94 3.01 0.82 0.92 3.29 8.01 10.24
Total Assets 84.1 75.53 79.2 98.33 86.77 153.43 258.09
Retained Earning / Total Assets (B) 4.68% 3.99% 1.04% 0.94% 3.79% 5.22% 3.97%

EBIT / Total Assets


Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
EBIT 7.58 6.57 3.91 4.05 7.51 16.13 18.75
Total Assets 84.1 75.53 79.2 98.33 86.77 153.43 258.09
Assets Turnover Ratio (C) 9.01% 8.70% 4.94% 4.12% 8.66% 10.51% 7.26%

Market Cap / Long Term Liablities


Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Market Cap 69.72 31.11 17.39 36.97 170.65 382.86 1,683.14
Long Term Liablities 16.83 15.57 18.7 25.06 19.2 42.28 80.81
Market Cap / Long Term Liablities (D) 414.28% 199.81% 92.97% 147.51% 888.79% 905.53% 2082.84%

Sales / Total Assets


Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 113.62 88.47 85.63 86.38 133.69 249.14 305.25
Total Assets 84.1 75.53 79.2 98.33 86.77 153.43 258.09
Sales / Total Assets (E) 135.10% 117.13% 108.12% 87.85% 154.07% 162.38% 118.27%

Altman's Z Score Analysis


Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Final Score 4.78 3.40 2.53 2.57 7.95 8.26 14.55
Financial Stability Strong Strong Grey Zone Grey Zone Strong Strong Strong

Disclaimer: This report is made as part of educational assignment and is meant for educational purpose only. The author
of the report is not liable for any losses due to actions taken basis this report. It is advisable to consult SEBI registered research analyst
before making any investment.

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